Nithish Arora (23), a resident of Pitampura, was returning home from his factory at the Kundli Industrial Area yesterday, the police said.
When Arora, who has a business of manufacturing moulding dyes, crossed the Singhu border at the GT Karnal Road, three-four men started following him in a car, they added.
The men followed Arora for about two-three kilometres before ramming into his car from behind.
They then got into an argument with the businessman, before forcefully entering his car and taking him hostage, the police said, adding that they had a plan to demand a ransom from Arora's family members.
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Incidentally, the businessman was talking to one of his friends on the phone before getting into the argument with the men.
Arora's friend heard the conversation and alerted the relatives of the businessman who, in turn, informed the police, said Deputy Commissioner of Police (Rohini) Rishi Pal.
The location of Arora's car was tracked through electronic surveillance. Around midnight, the police reached the spot and saw the accused changing a flat tyre of the car, the DCP said.
The relatives of the businessman also reached the spot and identified Arora's car from a distance.
When the accused found themselves surrounded by policemen, they fired at the men in uniform. The police returned the fire and one of the accused was hit, the DCP said.
Two accused, including the injured man, were arrested and the victim, who was gagged by the accused, was rescued from the boot of his car.
A pistol and two live cartridges were seized from the accused. It is suspected that a couple of others were also involved in the abduction of the businessman, the police said.
The accused, who have criminal antecedents, belong to Noida.